IRS reminder: Direct Pay offers free, easy way to pay taxes

WASHINGTON — The Internal Revenue Service today reminded taxpayers who have bank accounts that Direct Pay offers a free, secure way to pay federal taxes directly from a checking or savings account. Direct Pay is available on IRS.gov and…
,

Tax relief for farmers and ranchers affected by drought in 49 states

WASHINGTON − The Internal Revenue Service today issued guidance that provides an extension of tax relief for farmers and ranchers in most states and other regions who sold or exchanged livestock because of drought conditions. Under the guidance,…
,

End Tax-Exempt Status for Discriminatory Practices in Private Schools

WASHINGTON – The Department of the Treasury and the Internal Revenue Service (IRS) have issued proposed regulations to end federal tax-exempt status for private schools that engage in racial discrimination, delivering on President Trump's…
WXC Corporation Miami Doral
,

IRS simplifies penalty relief, introduces automatic process for eligible taxpayers

WASHINGTON — The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption…
WXC Corporation Miami Doral
,

Safe harbor for contributions to Trump Accounts under the Working Families Tax Cuts

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-25 PDF providing a gift tax reporting safe harbor for certain contributions to Trump accounts created under the Working Families…
WXC Corporation Doral Miami
,

U.S. States signed up to participate in the federal scholarship tax credit program

WASHINGTON — The Internal Revenue Service announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions…
WXC Corporation Doral Miami
,

IRS announce intent to issue proposed regulations for tax-exempt organization

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-36 PDFannouncing intent to issue proposed regulations addressing the tax on excessive compensation and excess parachute payments to employees…
WXC Corporation Miami Doral
,

Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS…
WXC Miami
,

Tens of Millions of Taxpayers May Be Eligible for Significant Tax Refunds

Tens of millions of taxpayers may be entitled to refunds or abatements of penalties and interest that the IRS assessed during the nearly 3.5-year COVID-19 federal disaster period. However, this relief will not happen automatically. To protect…